Dubai’s Union Properties slip into Dh11.37m loss for 9-month 2022, but revenues are up

Dubai’s Union Properties slip into Dh11.37m loss for 9-month 2022, but revenues are up

Dubai: Union Properties, the Dubai developer, slipped into Dh11.37 million in nine-month 2022 losses, against a Dh1.36 million profit last year. But there were revenue gains to Dh305.69 million and up from Dh296.01 million a year ago. The developer of Motor City and Green Community has been working on a turnaround strategy under a new Board of Directors this year, and got some relief from working out a deal recently. "During the nine-month period ended 30 September 2022, the Group hasn’t entered into a sale and purchase agreement with any related party, in comparison to the previous period (when) the Group entered into a sale and purchase agreement with a related party to sell investment properties with a carrying value of Dh172.8 million (for a consideration of Dh127 resulting in a loss of Dh45.8 million)," UP said in its financial statement. The developer is taking action on multiple fronts, including debt renegotiation and pursuing claims against some former BoD members. According to market sources, much will however depend on what the company intends to do with its land bank or completed assets such as the Dubai Autodrome. Under the previous management, the company had considered a potential sale of the